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Kurt Schemers - Interviews:
Delroy Cowen, CEO of
Fortune Real Estate Development Corp (otc: FRDJ)
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Interview Information:
Interview Date: 10.12.04
Run Time: 13:49
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About Fortune Real Estate Development Corp
Fortune Real Estate Development Corporation specializes in converting hotels into Condotels, a concept that has gained popularity in many international vacation resorts. It involves selling the hotels rooms and suites to individual purchasers, who usually are families interested in a vacation rental, or purchasing a timeshare. The owner has complete discretion over the time they will occupy their Condo, and will receive some income from having it rented out to others during periods when they are not using it.
Condotels are attractive for tourist accommodation, as an alternative to regular hotels. They offer the luxury and amenities of a luxury hotel, at an affordable price. Rooms are rented weekly, and services are geared toward families on vacation.
Condotel features include:
- Rooms are privately owned, and may be rented out to vacationers when the owner is not in residence
- It provides owners with the opportunity to acquire rental income plus own a vacation condo
- A concierge is on-duty during the day and evening
- Maid service is offered weekly
- Hotel facilities, such as pools, fitness centres, tennis courts, continue to be operated by the hotel and available for the guests
- On site restaurants and lounges are leased to private operators
Prior to purchasing a hotel, Fortune Real Estate Development will assess the suitability of the hotel for conversion to a condo hotel. It must be a luxury hotel, located in a tourist destination area, with the potential to be successfully developed into condominiums. The hotel operating costs must have the capacity to be significantly reduced, while still ensuring that the guest amenities and facilities will operate at a quality level.
Delroy Cowan is the CEO and major shareholder of Fortune Real Estate Development Corporation (FRDJ.PK) a publicly traded company, headquartered in Miami, Florida. A dynamic leader and with acute business skills, he has a proven track record of business and real estate development. Born and raised in Jamaica Mr Cowan received his education and began his early career in business there, with one small retail tire store known as Tire King, which has successfully grown to become one of the largest chains of tire stores on the island.
While in Jamaica Mr. Cowan focused heavily on real estate development, by building and refurbishing both residential and commercial properties and then reselling them. He successfully completed several major developments including residential condominiums and one of the largest Amusement Parks in the Caribbean.
When he came to Florida in 1987, he continued in real estate development, buying and refurbishing apartment buildings. He soon had a thousand units rented, and then diversified into commercial property ownership. It was during this time that he again diversified and owned a variety of companies including a television network (the Caribbean Satellite Network) and a used car dealership in Miami. Continually analyzing and evaluating, Mr. Cowan realized that he much preferred real estate development, rather than the day-to-day demands of operating small businesses, so he sold most of his companies, retaining interest in the car dealership and Tire King. He continued to study the market, and saw a niche in the hotel industry, which has the potential for a great deal of profit.
He is now specializing in acquiring hotels and apartment buildings and redeveloping them as condo hotels and residential condos. The Dorsan Suites is the initial project of Fortune Real Estate Development Corporation. Mr. Cowan is very dedicated to the success of his businesses typically working a twelve hour day. He has assembled a strong and effective team, who has the skills to ensure that the project meets its goals and targets. In order to be successful, however, Mr. Cowan acknowledges the importance of taking a step back to relax and recharge. He reserves Saturday evenings and Sundays for his family, and may also use this time to ride his motorcycle or pilot his ultra-light. A quick escape before returning to his fast-paced work life.
Fortune Real Estate Development Corp Set to Make Major Acquisition - Wed 6:00am - PrimeZone Media Network
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